Airtasker Secures AU$5 Million Media Funding from ARN to Boost Brand Awareness

Airtasker Limited (ASX: ART) has secured AU$5 million in media funding from ARN Media Limited a prominent Australian broadcast and on-demand audio company. This collaboration aims to boost Airtasker's brand recognition in Australia through a capital-efficient media partnership approach. Adding to a previous deal with oOh! media Limited this partnership increases Airtasker's media funding in Australia to AU$11 million over two years. After reduced digital marketing spending, this investment signifies a renewed focus on brand building. Airtasker plans to leverage ARN's extensive network of 58 radio stations and digital platform, iHeartRadio, featuring well-known Australian media personalities. The agreement involves AU$5 million in ARN audio media inventory in exchange for a 2-year AU$5 million convertible note with a 5.8% coupon rate.

Airtasker finished the quarter ending 31 March 2024 with positive free cash flow and a healthy cash position. CEO Tim Fung expressed his optimism about the partnership's potential to capitalize on the resurgence of interest in audio media and further strengthen Airtasker's brand presence. This partnership holds great potential for Airtasker's future growth and success.

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